Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1887-02-04


citation, he turns over his $500 worth 0f
stock, in payment Of the $500 received
from the association ten years before
his mortgage is released and he owns his
home |t
The amount paid by the borrower is
| usually increased BY tho extent of the
premium he may be willing to pay for
| the sake of securing the loan. By this
| we mean that if two or more parties want
to borrow all the money the association
| has on hand to loan, the one who offers
by open bidding, to pay the greatest
sum monthly on each share, in addition
to the regular 6 per cent will be entitled
to receive the loan. ITO illustrate: II
the borrower of the $500; in order to Sc
cure the money at that particular time,
offers to pay IS cents month on each
share as premium, his monthly pay
ment would then be $3.50. But it is we'll
to note right here that the larger the
premium he pays, the sooner will his
stock be worth $50 per share, and con-
will be larger, he will not have to keep.
them up so long. This is one of the
reasons why it is impossible to calculate
beforehand whether it will take 8 or 10
yeers for each share of stock to become
worth $50. Our bylaws will contain &
table showing just what the monthly
payment would be on each share at a
monthly premium of from 25 to so cents
per share: so that any member can read
lily see what it will cost him at any given
rate; and compare this monthly outlay
with the sum he is paying for rent, which
latter is dead money.
! Of course the borrower must give Sc
curity for his loan; otherwise there
would be no safety for any class of men,
bers. A person who already owns a
house and lot which is good security for
! the sum loaned would give mortgage On
the prcperta and receive the cash at once.
But if they only had lot and wished to
| build. they would give a mortgage on the
property and the association would ad
vance the money to them or their CON
tractor as the building progressed Per
sons owning neither lot nor house, can
| by purchasing stock, soon accumulate a
sufficient sum to purchase o lot and thus
lay the foundation for a home.
Parties are not obliged to keep up
their payments for the nine or ten years,
although it will be to their interest to do
So But if sickness or misfortune rem
ders it desirable or necessary, they can
draw out the amount of money actually
paid in by them with interest at the rate
Of per cent. per annum, by just giving
80 days notice, under the rules. Or they
can sell their stock, if they prefer.
But Mr. Editor, am trespassiny upon
your valuable space and / will therefore
leave to your facile pen, the pleasant
task of pointing out to your readers IN
this community the advantages of an
association that enables the common
people to own their homes, thus making
them truly citizens, interested in the wei
fare of our fair city; offers an opportun
llT 1OI lUc SdlE Ill CStllOuC VI tuOoN SAAIAA
savings that would otherwise be ''frit-
tered away, and operates directly
against the spirit Of gambling and in
temperance which is So prevalent III our
land.
will add that shall be glad to ex-
plain anything connected with the work
ings of the association to any party who
will call at my Office. We expect to have
our by laws printed and ready for dlstri-
button in week or ten days and also
hope to be able to secure the funds ne
ccssarv TO make loans toall applicants as
fast as they may be a called for Parties
wishing to subscribe for stock, can do
so by calling at%my office.
s. G.. HOWELL, Secretay.